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The Latest Breaking News from Petroleum

Egypt to Raise Food Subsidies Spending by 20% in FY 2023/24 Draft Budget

Egypt expects to raise its allocation for food subsidies by 20% and for petroleum products by 24% in the 2023-24 fiscal year, according to a draft budget approved by the cabinet on Wednesday. The budget forecasts GDP growth at 4.1% and inflation at an average rate of 16% during the…

Asharq Al-Awsat

Syria’s President Appoints New Oil Minister in Reshuffle

Syrian President Bashar al-Assad has appointed a new oil minister and changed four other ministers in a cabinet reshuffle, state media said on Wednesday. Hassan Kaddour, who was the general director of the Syrian Petroleum Company for the last two years, replaces Bassam Touma as oil minister, the report said.…

Asharq Al-Awsat

New California gas price law another defeat for oil industry

California Gov. Gavin Newsom is planning to sign a new law that could penalize oil companies for making too much money

The Independent UK

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California lawmakers approve Newsom's oil bill. Here's what you need to know

California lawmakers on Monday approved Gov. Gavin Newsom's legislation to increase transparency in the oil industry, in the final hours of a special session he called last year to penalize excessive profits.

Los Angeles Times

PPRP vows to bring down LPG prices

The Palang Pracharath Party (PPRP) has pledged to lower the price of liquefied petroleum gas (LPG) to 250 baht per tank if it can form a government after the next election.

Bangkok Post

Train carrying hazardous materials derails in North Dakota

A Canada Pacific train derailed on Sunday night, affecting 31 of its 70 cars, and spilling petroleum used to make asphalt

The Guardian - US

3 Skyrocketing Energy Stocks to Buy, 2 to Sell

Despite rising recessionary fears, strong global energy demand and constrained supplies should drive the energy sector’s growth this year. Hence, fundamentally sound energy stocks Marathon Petroleum (MPC), PrimeEnergy Resources (PNRG), and Epsilon Energy (EPSN) could be ideal investments. On the contrary, avoiding struggling energy stocks Camber Energy (CEI) and NextDecade…

StockNews.com

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Official: Willow oil project holds promise, faces obstacles

A state official says the Willow oil project on Alaska’s petroleum-rich North Slope is part of a “new era” of development in the region but isn’t a sure thing

The Independent UK

Don't Miss the Momentum on These 4 Energy Stocks

With indications of a more considerate monetary stance from the Fed, energy stocks Marathon Petroleum (MPC), Valero Energy (VLO), Halliburton (HAL), and NexTier Oilfield Solutions (NEX) could be attractive investments to benefit from an expected uptick in energy prices. Continue reading….

StockNews.com

Fill up Your Portfolio With These 3 Gas Stocks

Regardless of the retreat in oil and gas prices from their peaks a year ago, resurgent global energy demand amid constrained supplies appears to be an enduring tailwind for U.S. energy producers. Hence, it could be wise to invest in fundamentally sound gas stocks, Marathon Petroleum (MPC), CVR Energy (CVI),…

StockNews.com

2 Best Oil and Gas Stocks for Investors to Buy Today

The soaring global oil demand, especially driven by the Chinese economy, and constrained supplies have created enduring tailwinds for the energy sector. Given this backdrop, quality oil and gas stocks Marathon Petroleum (MPC) and Valero Energy (VLO) could be solid buys now. Read on….

StockNews.com

Egypt Starts Experimental Production of Gold in the South

Egypt started experimental trials of the commercial production of gold in the area of Iqat in the south of the country, Petroleum and Mineral Resources Minister Tarek el-Molla has announced. In remarks on Tuesday, Mulla said that the site of Iqat, with a deposit of nearly 1.2 million ounces of…

Asharq Al-Awsat

3 Stocks That Have Plenty of Room to Run in 2023

The recent bank failures causing broader financial turmoil and uncertainty about the Fed’s next move, as it weighs strong economic data against jittery capital markets, have induced immense volatility in the stock market lately. However, it could be wise to buy fundamentally sound stocks Marathon Petroleum (MPC), Extreme Networks (EXTR),…

StockNews.com

5 Top Energy Stocks to Buy Right Now

Despite the recent plunge in oil prices, the reopening of the Chinese economy and tight supplies appear beneficial for the energy market. Given this backdrop, fundamentally strong energy stocks Marathon Petroleum (MPC), Valero Energy (VLO), PBF Energy (PBF), Unit Corp. (UNTC), and Epsilon Energy (EPSN) might be ideal buy-and-watch picks…

StockNews.com

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3 Stocks That Are Screaming Buys in March

The Fed will likely go ahead with a smaller rate hike next week due to the bank insolvencies. However, the market is expected to remain under pressure as recession possibilities rise. In this scenario, it could be wise for investors to buy Marathon Petroleum (MPC), Centene (CNC), and Boyd Gaming…

Tribune News Service

Top Biden adviser says US won’t rush to fill petroleum reserve

WASHINGTON — The U.S. is committed to replenishing the Strategic Petroleum Reserve but won’t rush to do so immediately despite the recent decline in oil prices, a top Biden administration official said.

The Independent UK

What's next for Alaska's Willow oil project? AP explains

The Biden administration’s approval this week of the largest new oil project in years on Alaska’s petroleum-rich North Slope has immediately been met by lawsuits seeking to stop the Willow project

The Conversation

3 reasons the Willow Arctic oil drilling project was approved – it's the latest battle in a long fight over Alaska's North Slope

For more than six decades, Alaska’s North Slope has been a focus of intense controversy over oil development and wilderness protection, with no end in sight. Willow field, a 600-million-barrel, US$8 billion oil project recently approved by the Biden administration – to the outrage of environmental and climate activists –…

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The Independent UK

Alaska's Willow oil project is controversial. Here's why.

Supporters say a major oil project President Joe Biden is OK'ing on Alaska’s petroleum-rich North Slope represents an economic lifeline for Indigenous communities while environmentalists say it runs counter to his climate goals

WEKU

As Biden weighs the Willow oil project, he blocks other Alaska drilling

The move to limit oil drilling in 16 million acres in Alaska and the Arctic Ocean comes as regulators prepare to decide on the Willow project, a controversial plan pushed by ConocoPhillips.

Asharq Al-Awsat

Egypt, US Discuss Energy Security

Egypt’s Minister of Petroleum and Mineral Resources Tarek el-Molla held several meetings in Washington with some businessmen, research and academic institutions, officials of the Ministry of Energy, and members of the US Congress. The Minister said that his visit to the US aimed to discuss ways to enhance cooperation in…

Bangkok Post

PTTEP grabs 2 new licences in Gulf

PTT Exploration and Production Plc (PTTEP) was awarded exploration and production licences at two of three new petroleum blocks in the Gulf of Thailand, a move that should pave the way for more domestic oil and gas supply to strengthen the country's energy security.

The Guardian - UK

Gas industry lobbying hard against EU boiler phaseout, leaked emails suggest

Liquid petroleum gas firms want a directive to favour biofuels and hydrogen, to which they could pivot

Bangkok Post

PTTEP wins 2 new licences in Gulf

PTT Exploration and Production Plc (PTTEP) has been awarded exploration and production licences at two of three new petroleum blocks in the Gulf of Thailand, which should pave the way for more domestic oil and gas supply to strengthen the country’s energy security.

Salon

Sámi demonstrators end wind farm protest

Norway apologizes for its human rights violations, but intends to keep project operational

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